Guardian Partners Inc. Takes $852,000 Position in Corning Incorporated (NYSE:GLW)

Guardian Partners Inc. bought a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 17,855 shares of the electronics maker's stock, valued at approximately $852,000.

Several other large investors have also recently made changes to their positions in GLW. Sound Income Strategies LLC increased its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in shares of Corning during the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after buying an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 0.8 %

NYSE GLW traded down $0.36 on Thursday, reaching $46.74. The stock had a trading volume of 456,160 shares, compared to its average volume of 5,922,344. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock has a fifty day moving average price of $49.97 and a two-hundred day moving average price of $47.88. The firm has a market capitalization of $40.04 billion, a price-to-earnings ratio of 80.72, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning's dividend payout ratio (DPR) is 193.10%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GLW shares. Barclays lowered their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $54.31.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.